September 1, 2019

ASV and Yanmar look to merge

ASV Holdings announced it has entered into a definitive merger agreement with an affiliate of Yanmar Holdings (Yanmar). Under the terms of the agreement, which have been approved by both the ASV and Yanmar Boards of Directors, ASV stockholders will receive $7.05 (USD) in cash for each outstanding share of ASV common stock, for a total value of $70.7 million.

The transaction is subject to approval by ASV stockholders and other customary closing conditions and is expected to close in the third quarter of 2019. In conjunction with the Merger Agreement, a subsidiary of Terex Corporation, which owns 34 per cent of the outstanding shares of ASV, has entered into a stockholder voting agreement in support of the Merger.

ASV Holdings is a Grand Rapids, Minn.-based provider of rubber-tracked compact track loaders and wheeled skid steer loaders in the compact construction equipment market. Yanmar is an equipment manufacturer based in Osaka, Japan.